ยง1231 exchanges are tricky. You'd need to identify the new asset, escrow
the proceeds of sale without ever taking constructive receipt of the
money, etc, etc. And then you still own a rental property. I don't see
the point unless you use it to buy your retirement home and move into it
later, or unless you want to stay in the landlord business and want to
own a different property.
On 2022-05-07 19:02, Allan Streib via Mercedes wrote:
You probably need to talk to a tax accountant or financial advisor.
The only legal way I know of to avoid capital gains on a sale is to
invest the gains in a "substantially similar" asset within a short
period of time. I don't think paying off your own mortgage counts,
since you already own that asset.
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